Consolidated Uranium Inc. (CUR) and Energy Fuels Inc. announced the closing of the acquisition previously announced on July 15, 2021, of a portfolio of conventional uranium projects located in Utah and Colorado (Projects) pursuant to the asset purchase agreement among the company and certain wholly-owned subsidiaries of Energy Fuels (collectively EF Parties). In connection with the closing of the Transaction, the companies have also entered into toll-milling, operating and investor rights agreements with respect to the Projects. Pursuant to the Purchase Agreement, CUR has acquired from the EF Parties a 100% interest in the Tony M, Daneros and Rim mines in Utah, as well as the Sage Plain property and eight U.S. Department of Energy Leases in Colorado.

The strategic alliance between CUR and Energy Fuels for the Projects involves three key components: The Toll-Milling Agreement – Under this agreement, the EF Parties will toll-mill ore mined from the Projects at the White Mesa Mill, subject to payment by CUR of a toll-milling fee and certain other terms and conditions. The Operating Agreements – Under these agreements, the EF Parties will provide ongoing services for a fee to maintain the Projects in good standing, as well as additional services as agreed to by the parties. The Investor Rights Agreement – Under this agreement, for so long as Energy Fuels' equity ownership in CUR remains at or above 10%, it will be entitled to equity participation rights to maintain its pro rata equity ownership in CUR and to appoint one nominee to the CUR Board of Directors.

Energy Fuels has also agreed to certain resale restrictions on the CUR Shares it holds and to provide voting support in certain circumstances.